Ghana' oil revenue Probe financial capacity of GNPC - ACEP

The call comes on the heels of the 2014 Auditor General's reported that accused the corperation of financial irregularities.

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Mr Alex Mould, Chief Executive Officer of GNPC play

Mr Alex Mould, Chief Executive Officer of GNPC

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The African Centre for Energy Policy (ACEP) is calling for a probe to establish the capacity of Ghana National Petroleum Corporation's (GNPC) capacity to managed oil revenues allocated to it.

The call comes on the heels of the 2014 Auditor General's reported that accused the corporation of financial irregularities.

The auditor general report that:

  • GNPC advanced US$50 million to the Ministry of Finance in 2013, which was expected to be repaid in three months but which was not paid back.
  • GNPC failed to audit its partners in oil operations, a requirement imposed on it by the Petroleum Agreements signed with the partners.

But ACEP in a press release signed by the Executive Director, Dr. Mohammed Amin Adam said "We therefore call for a special probe into GNPC’s finances to establish the corporation’s financial requirements, its capacity to manage oil revenue allocated to it, as well as other commercial loans it may contract; and how such financial decisions that depart from the corporations functions were arrived at."

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ACEP also wants parliament to amend the GNPC law 64 to bring the corporations activities under parliamentary scrutiny.

"Parliament should amend the GNPC Law 64 to bring the corporations activities under parliamentary scrutiny, including approvals of loans, budgets, and use of resources."

ACEP also accused GNPC of being the slush fund of government.

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